Coming off the previous day’s rout, bitcoin prices are trading mostly unchanged on Friday, but remain on track to close out the week in the red.
On Friday, a single bitcoin,
the best-known cryptocurrency, changed hands at $3,675.31, up 0.3% since Thursday at 5 p.m. Eastern Time on the Kraken crypto exchange.
After opening the week above $4,000, bitcoin is set to log a losing week and has yet to notch back-to-back winning weeks since the beginning of September 2018, when the price of bitcoin was trading above $6,500.
What are analysts saying
After yet another failed attempt to the topside, analyst Jani Ziedins of the Cracked Market blog said investors should still be playing bitcoin from the short-side. “Bitcoin’s attempted rebound was rebuffed at $4k resistance and so far traders seem more inclined to sell the bounce than buy the rebound,” he wrote.
“These things form sharp, V-bottoms when they go too far. BTC’s lethargic rebound tells us we still haven’t reached oversold levels yet. Until further notice, every bounce is still a selling opportunity,” Ziedins said.
Altcoins mostly lower
Altcoins — cryptocurrencies other than bitcoin — are trading mostly lower on Friday. Ether was down 0.8% at $126.30, Litecoin
was off 1.5% to $32.96, Bitcoin Cash
was down 2.6% at $130.20 and XRP,
was bucking the trend, trading higher by 1.3% at 33 cents.
Bitcoin futures closed slightly higher on Friday. The Cboe Global Markets February contract
finished up 0.7% at $3,620, and the CME Group February contract
ended the day up 0.5% at $3,620.
Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.